ComCap’s Government Technology Market Activity Report

We are pleased to present our views on the Government Technology landscape, doing so with the aim of helping increase transparency and communication among the companies themselves as well as financial and strategic investors.


We see the companies in this report as disruptors in the space focusing on technologies that provide improved citizen experiences and build sustainable relationships for key differentiators. Citizens are the new market-makers and act as a catalyst for change across the GovTech industry.

Companies discussed in this report are at the forefront of serving the Government sector using advanced technologies like cloud-based digital transformation, AI-enabled hyper automation, and a focused effort towards bolstering cybersecurity and improving citizens’ interaction experience.

Key trends:

  • The global GovTech market is projected to reach over $1.2TN by 2028 at a CAGR of 16.5% during 2023-2028, driven by strong demand for digital transformation that has accelerated dramatically since the pandemic
  • Hyper-automation is on the rise, as approximately 60% of governments are projected to launch multiple initiatives in the next three years. Artificial intelligence and robotic process automation are playing pivotal roles in streamlining operations, reducing, and manual tasks
  • Governments are actively integrating FinTech infrastructure, deploying mobile identity wallets to accelerate digital payments, reduce cash dependence, and promote direct bank transfers, creating promising investment potential within the sector
  • Government adoption of digital identity and payment apps in line with the mobile wallet trend will accelerate digital payments, favoring direct bank transfers and impacting investment assessments
  • Since 2021, GovTech administration players have raised total funding of ~$5.2BN in 49 deals
  • During the first eight months of 2023, there were 26 private placement deals in the GovTech space with total disclosed value of $1.5BN versus 36 deals in the same period of 2022 worth $3.1BN